How did FDP's Q3 2024 earnings surprise analysts?

Fresh Del Monte Produce (FDP) reported strong Q3 2024 earnings that surpassed analysts' expectations in several key metrics:

1. **Revenue**: FDP achieved total revenue of $1.02 billion for Q3 2024, surpassing analyst estimates of $1,009.85 million. This indicates a robust sales performance, particularly driven by strong demand in fresh and value-added products.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|FDP|FDP.N|Fresh Del Monte Produce|2023 Q4|-3.009904798538321|1.0086E9|169|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q1|-1.8254319893664155|1.1079E9|169|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q2|-3.4561626429479033|1.1397E9|169|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q3|1.6349317116937494|1.0195E9|169|

2. **Earnings Per Share (EPS)**: The company reported a diluted EPS of $0.88 for Q3 2024, which is a notable figure considering that analysts had likely factored in lower expectations due to competitive pressures and weather-related supply issues in the Banana segment.

|code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q1|-32.098765432098766|0.55|169|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q2|13.131313131313144|1.12|169|
|FDP|FDP.N|Fresh Del Monte Produce|2024 Q3|417.64705882352933|0.88|169|

3. **Net Income**: FDP reported a significant increase in net income, rising to $42.1 million in Q3 2024, up from $8.4 million in the prior-year period. This reflects improved operational performance and strategic initiatives taken by the company.
4. **Gross Margin**: The company's gross margin improved to 9.2% in Q3 2024, up from 7.4% in the prior-year period. This improvement is attributed to higher sales volumes and increased selling prices in key product segments, indicating enhanced profitability.
5. **Dividend**: FDP declared a quarterly dividend of $0.25 per share, reflecting a commitment to returning value to shareholders. This move is likely to have boosted investor confidence, further highlighting the company's strong financial health.

In summary, FDP's Q3 2024 earnings exceeded analysts' expectations in terms of revenue, EPS, and net income, thanks to strong sales in fresh and value-added products, improved gross margins, and effective cost management. The company's strategic initiatives and commitment to shareholder returns also contributed to the positive surprise.